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June 2013 Moms
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Retirement $Money Check-In$

momofcatanmomofcatan member
edited December 2014 in June 2013 Moms
I know its been a while, but I've had saving for retirement on my mind lately. And @lizzybizzy80 asked :)

Part I: If you have a savings goal, how is it going? Hit any roadblocks? Any success you want to share?

Part II: Lets talk about retirement! Are you saving for retirement? Do you take advantage of company matching 401k or RRSP contributions? Do you actively manage your retirement savings, or know how are they invested?

ETA: Anyone find a retirement calculator they liked? I used the one on TD's (Canada) website and I liked it, but it did not take into account any government money you get once retired. 

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Re: Retirement $Money Check-In$

  • momofcatanmomofcatan member
    Part I: Things are status quo here. Keep reshuffling the budget, love Mint more every day. I added a retirement saving category. It's only set to $10, but I figure that's better than nothing, and will help me put any extra income that way instead of into spending categories.  DH got a raise and I'm working more on a portfolio for my Etsy shop. My goal is to be operational by the end of January. Fx.

    Part II: Although we are not currently adding to it we have a small amount of money in our RRSPs and a TFSA. Sadly no RRSP matching from our employers. In 2015 I'm going to focus on maxing out my TFSA contribution room and call that our retirement savings, RRSP doesn't make sense for us right now. I'm in the process of moving all my retirement savings to low cost index funds a la Canadian Couch Potato.

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  • momofcatanmomofcatan member
    Anyone who has employer matched 401k or RRSP. DO IT! Otherwise you are leaving free money on the table. Also make sure you are getting the maximum match you can. HR might have you set up for 2% when your employer matches 4%. Look into it and ask questions!

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  • GraceInCAGraceInCA member
    I have an employer (part) match for the 401K and I max mine out. I also increase my percentage contribution whenever I get a raise.  If I get a 3% raise, I put 1% more into my 401K, because I'm used to living without that money so I won't feel it.

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  • Lizzybizzy80Lizzybizzy80 member
    Thanks for posting! @momofcatan‌

    Part 1: the new HVAC unit was about $7k and they set up a 60 month 0% interest payment plan. We didn't ask for a second opinion or other quotes like normal with big purchases and that was a huge mistake. Found out our neighbor had an estimate four days later from the same rep for a bigger unit for $6k and was asked not to tell us. Big mistake, huge. I'm supposed to get a call today with a resolution under their written guarantee. I've asked for the difference. Lesson learned.

    Part 2: it's mostly on hold but I'm still putting $200/mo to the 401k. No company matching which bums me out. We were on a plan to max out the Roth IRAs and may still try to do so. Long term plan is to find new jobs in a new city. I'd like a house with more sq footage but not much more. The school district is important because we plan to use public schools. The one we are in now is great but I'm ready for a change and to be closer to my parents and brother.

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  • momofcatanmomofcatan member
    I hate sounding like I'm saving $0 for retirement. We get an extra paycheck every 3 months because of bi-weekly pay and my goal is to put 50%-100% of that into long term savings, either retirement, car fund or sell/buy a new house fund. I have not been good at following through with that money, its usually just lumped into our savings. I'm hoping the retirement savings category in Mint will help me be more accountable for where that money goes.

    I'm worried that with using part of my TFSA for retirement savings I'll be tempted to draw from it for other expenses, I need to make sure I hold myself accountable to not touch that money.

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  • Lizzybizzy80Lizzybizzy80 member
    @steamboat123‌ good article, I'm going to find out how much we have left to max out and maybe transfer from the money market acct.

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  • momofcatanmomofcatan member
    @kdc2007 So sorry you are feeling down. Try not to be sad about spending the savings, this is the stuff we save for.

    I haven't found a calculator I love. I've used this one, its Canadian, but I don't think there is anything particularly Canadian into account. I don't think it taked into account taxes on withdrawing money from a tax-deferred account, but other than that it's OK.

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  • Lizzybizzy80Lizzybizzy80 member
    steamboat123 said:

    @Lizzybizzy80‌ I'd do Panama! Before DD I was trying to get DH to do a sailing trip here - https://sanblas-islands.com
    Because of the currents you end up in Columbia and he wouldn't agree. I think he'd seen Romancing the Stone too many times.

    Let's do it! He'll mellow out by then (or lots of time to talk him into it) :)

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  • momofcatanmomofcatan member
    @sympkin I'm a big TFSA fan. I like knowing that I don't need to worry about being taxed on the money once I retire (also my parents mes with my taxes so much, I reap no benefit from RRSP).

    I'm just getting into figuring out investments but have loved reading the canadian couch potato blog. It's definitely not the only option out there, but for now I agree with his philosophy and will be following a lot of his advice.

    Good luck with your spouse's job, hope everything works out.

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